Ripple and Solana steal the show as Ethereum ETF launch disappoints: This week's crypto update

It's been an interesting week for the cryptocurrency industry. Although its total market cap has remained largely unchanged, there's been a lot of things happening that deserve our attention, so let's take a look at them.

From the very beginning, the US Securities and Exchange Commission finally gave the final regulatory go-ahead for ethereum spot ETFs to launch their products. This was a highly anticipated moment for many eth investors, but the price plummeted after the launch. It is important to note that eth ETFs generated over $1 billion of trading volume on each of the first few days of trading, which was roughly 20% of the volume that btc generated. This was in line with experts’ expectations.

However, in the three days since the ETF began trading, the products saw outflows of around $180 million, caused primarily by Grayscale’s sales. This has obviously dampened the price, which is currently trading at a weekly loss of 4%. Nevertheless, the launch of the eth ETFs is largely seen as a very positive event, as it opens the doors for traditional investors to get involved through a familiar and regulated investment vehicle.

However, despite the highly anticipated release, there was something else that stole the show.

Ripple’s XRP and Solana (SOL) are the best-performing large-cap cryptocurrencies this week, and they’re not even close. XRP gained a massive 26%, while SOL performed even better, rising 30% over the same period. Altcoins have clearly returned to a positive trend, and industry participants are wondering if this is the start of another rally.

bitcoin has also been performing steadily, rising by around 5% over the past seven days. It is interesting to note that presidential candidate and former US President Donald Trump will be giving a keynote speech at the bitcoin Conference in Nashville tomorrow. The entire community is eagerly awaiting this event.

That said, MT. Gox creditors have started receiving their funds in btc and BCH, and it will be interesting to see if this will impact the market in the coming weeks.

Market data

Market Cap: $2.514 Trillion | 24 Hour Volume: $99 Billion | btc Dominance: 52.8%

btc: $67,150 (+4.9%) | eth: $3,237 (-4.1%) | BNB: $576 (+0.5%)

This week's cryptocurrency news you can't miss

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eth ETFs are finally available, but the price takes a hit. The US Securities and Exchange Commission (SEC) has given its final go-ahead to ethereum spot ETF issuers. The products are already trading live, but the price has been falling almost since they saw the light of day.

One in a billion: Tiny bitcoin mining rig defies the odds and wins $206,000 block reward. bitcoin mining has become an energy-intensive process, with industrial players competing to generate each block and earn the reward. One lucky hand-sized home miner defied the odds with a 1 in 1.1 billion chance and managed to produce a block and earn the $206,000 reward.

VanEck predicts that bitcoin could reach $2.9 million by 2050 if this happens. Popular asset manager VanEck has recently come up with an interesting prediction. The firm believes that the price of bitcoin could reach a valuation of a whopping $2.9 trillion by 2050.

Marathon Digital increases its bitcoin holdings with a $100 million purchase. The well-known bitcoin mining company Marathon Digital has adopted a complete HODL strategy and recently announced the purchase of btc worth $100 million. With this, the company now owns more than 20,000 btc.

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This week, we have a chart analysis of ethereum, Ripple, Cardano, Binance Coin and Shiba Inu – click here for the full price analysis.

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